Oracle issued a force majeure notice on Blue Owl's Jupiter campus, whose reported $18bn of bank loans already trade below 90 cents on the dollar. Lenders who priced Oracle's credit now also have to price who pays when the power arrives late.
Perspective Coverage
12 publishers
- Builder
- Builder 4%
- Operator
- Operator 22%
- Investor
- Investor 74%
Reality
- Evidence60
- Adoption20
- Hype gap+25
- Incentives65
- Confidence55
Oracle sent Project Jupiter's developer a force majeure notice that lets it delay payments if the New Mexico campus misses its 2028 target. The site's gas pipeline and air permit are both still pending, so capacity plans built on that date need a fallback.
Perspective Coverage
6 publishers
- Builder
- Builder 13%
- Operator
- Operator 39%
- Investor
- Investor 48%
Reality
- Evidence62
- Adoption
- Insufficient
- Hype gap+15
- Incentives68
- Confidence64
Ten-year Treasury yields near 5.17%, the highest since 2007, raise the cost of the $4.1 trillion in AI debt JPMorgan expects through 2030. Oracle fell 7% this week as CoreWeave rose almost 8%, a split that follows Oracle's campus news more than rate exposure.
Reality
- Evidence58
- Adoption
- Insufficient
- Hype gap+35
- Incentives55
- Confidence52
Oracle shares fell more than 6% on Thursday after it sent a force majeure notice to Blue Owl over Project Jupiter, its New Mexico AI data center. The notice protects Oracle's cash if the site runs late and makes its 2028 date the one lenders and investors now watch.
Publishers:businessinsider.com · forbes.com.au · santafenewmexican.com Perspective Coverage
3 publishers
- Builder
- Builder 7%
- Operator
- Operator 40%
- Investor
- Investor 53%
Reality
- Evidence62
- Adoption
- Insufficient
- Hype gap+20
- Incentives60
- Confidence60
A loan quoted below par is the only continuously updated figure anyone has on Oracle's quarter-built New Mexico AI campus, and whether it prices the buildings or the tenant's rating decides how much a stall report matters.
Publishers:cryptobriefing.com · m.economictimes.com Reality
- Evidence45
- Adoption
- Insufficient
- Hype gap+40
- Incentives55
- Confidence40
Oracle invoked force majeure on Project Jupiter, a New Mexico AI campus for OpenAI now expected to run about a year late. The delay postpones the higher post-completion return on Blue Owl's roughly $3 billion of equity.
Reality
- Evidence60
- Adoption
- Insufficient
- Hype gap+15
- Incentives65
- Confidence55
The extraordinary-relief route two environmental groups chose bought them about a month of paused proceedings at New Mexico's air and water agencies, and it ends with the air permit still undecided before a hearing officer the state has yet to name.
Publishers:santafenewmexican.com
Reality
- Evidence74
- Adoption58
- Hype gap+5
- Incentives78
- Confidence68
Michigan's package is $16.3bn anchored by PIMCO, Texas and Wisconsin about $38bn, New Mexico $18bn. Against a target of up to 10 gigawatts, the named money works out at roughly $7.2bn per gigawatt. The suppliers bill on megawatts energised.
Reality
- Evidence30
- Adoption55
- Hype gap+34
- Incentives65
- Confidence38
The RFP takes solar, wind or geothermal and scores bids on delivery timing and project maturity. That ranking tells you Project Jupiter needs matched megawatt-hours by a date more than it needs a preferred fuel.
Reality
- Evidence50
- Adoption35
- Hype gap+34
- Incentives74
- Confidence57
Oracle, Meta, Google, Amazon and Microsoft plan more than $700bn of US data centers this year, roughly $58bn a month, and against that run rate a repealed state tax break costs less than two quarters of permitting delay.
Publishers:ap.org
Reality
- Evidence58
- Adoption71
- Hype gap+16
- Incentives66
- Confidence61
Farmers and the Sierra Club packed a firehouse in a village of 275. The county then paused data center development for a year, and no acreage premium undoes that.
Reality
- Evidence52
- Adoption22
- Hype gap+18
- Incentives72
- Confidence48
Local opposition stalled at least 75 projects worth about $130bn in three months, according to Bloomberg. That belongs in the capacity plan, not the comms plan.
Reality
- Evidence54
- Adoption71
- Hype gap+14
- Incentives66
- Confidence52